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The value of advice
Preretirees with a formal retirement plan tend to be over 2× to almost 4× wealthier than those without one.
Source: T. Rowe Price, “Survey reveals the rising importance of financial planning at retirement,” March 2024 (2023 Retirement Savings and Spending Study). This reflects an association observed in the survey; it does not show that having a financial plan caused the difference in wealth.
Relative wealth (preretirees without a plan = 1×)
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